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Accell Group reports increase in revenue and profits

Published April 23, 2015

HEERENVEEN, the Netherlands (BRAIN) — Accell Group released a brief statement Thursday saying that it has "recorded an increase in both turnover and profit in the first months of 2015 compared to the same period of 2014."

The Dutch company did not release any figures about its revenues or profits. It said weather conditions in Europe were favorable for bicycle sales this winter and that demand is high for electric bikes and sports bikes.

René Takens, the chairman of the Accell Group Board of Directors, said, "We have seen a good start to the year 2015 with a positive development of turnover. Sales of electric bicycles in the Netherlands and Germany increased. At the same time, the electric bicycle is also gaining popularity in countries where the market for electric bicycles has so far been limited, such as France, the United Kingdom and the Scandinavian countries.

"We are also seeing a clear increase in demand for our sports bikes and an increase in turnover in parts & accessories, partly due to the acquisitions of Comet in Spain and CSN in Denmark. The higher turnover we booked helped to boost operating profit in the first months of 2015. We therefore maintain our forecast to the effect that, barring unforeseen circumstances, turnover and profit will continue to increase in 2015."

Accell said over the past few months, currency exchange rates, especially for the U.S. dollar, have been relatively volatile. It said the fluctuations have increased its costs, forcing it to raise the recommended sales prices on some of its products.

Accell said the consolidation of its North American operations into Accell North America is now virtually complete.

Topics associated with this article: Earnings/Financial Reports

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